Newmark Facilitates Sale of 2.7-Acre Parcel in the City of Orange for Residential Development

August 12, 2024 9:00 AM

Newmark[1] announces the $12.25 million sale of a 2.7-acre parcel located in the city of Orange. The buyer, Intracorp, plans to build 49 two- and three-story single-family small lot homes on the site.

Newmark Senior Managing Director Chris Benton, Managing Director Anthony Muhlstein, Co-Head, U.S. Capital MarketsKevin Shannon and Senior Financial Analyst Gabe Munson represented the seller, The Festival Companies, in the off-market transaction.

"The strong demand for new multifamily development in Southern California, especially in well-connected suburban areas like the city of Orange, continues to drive investor interest," said Benton. "This transaction is a testament to the ongoing appeal of the region for residential developers."

Muhlstein added, "Developers are providing much-needed low-density housing on antiquated retail and office parcels as demand and employment patterns shift. We are excited to participate in these new strategies as inflation and interest rates continue to suppress housing affordability across the country."

The site, located at 901 E Katella Avenue, is situated in a prime transit-oriented location and offers proximity to the SR-55, I-5 and SR-57 freeways. The city of Orange has seen significant redevelopment in recent years, driven by state and local mandates to increase housing supply.

[1] Dba Newmark Knight Frank in California

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Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of June 30, 2024, Newmark's company-owned offices, together with its business partners, operate from approximately 170 offices with 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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